Market Introduction
The slewing bearing market in APAC is sub segmented into China, India, Japan, Australia, South Korea, and the rest of APAC. Vast industrialization, favorable economies policies, low labor cost, positive economic development, and increasing foreign direct investments (FDIs) and foreign institutional investments (FIIs), among others, make APAC a significant contributor to the slewing bearing market. Further, governments of developing countries have been launching Make in India and Made in China 2025 to promote the establishment of manufacturing plants, to make the respective countries self-sufficient as well as to make them capable of exporting surplus goods. Owing to increase in awareness about elevating carbon emission levels, governments of APAC countries are taking various initiatives to emphasize the adoption of clean energy. Recently, China announced to increase the share of non-fossil energy by 20% by 2030; the country aims to be a carbon neutral economy by 2050. In 2020, Indian government announced its ambitious target of being able to procure 60% of its energy needs from renewables by 2030. The South Korean government aims to procure 42% of its energy from renewables and to be a carbon neutral country by 2050. Further, territorial disputes between India and China, China and Russia, India and Pakistan, South Korea and North Korea as well as the rising tension over South China are leading the respective governments to increase their military spending. In 2020, China, India, Japan, South Korea, and Australia were among the countries with the largest military spending in APAC, with the military expenditure of US$ 252 billion, US$ 65.86 billion, US$ 55 billion, US$ 44 billion, and US$ 27 billion, respectively. Further, a significant amount of these defense budgets is allocated for procuring advanced combat systems, communication systems, and military aircraft. The civil aviation industry is also growing at significant rate. According to Boeing, APAC countries are expected to receive ~17,390 deliveries in total during 2019–2038. The total fleet is expected to increase to ~19,420 aircraft by 2038. Also, the opening of Boeing and Airbus manufacturing/assembly plants, and upcoming indigenous commercial and regional aircraft such as COMAC C919 and Mitsubishi MRJ will continue to boost the Asia-Pacific market in the coming years. Local manufacturers such as Hindustan Aeronautics Limited, Aviation Corporation of China, Rostec State Corporation, and Kawasaki Heavy Industries are investing significantly to strengthen their position in the growing aviation industry. Meanwhile, steady growth of mining industry and rapid advancements in healthcare infrastructure in emerging economies in APAC are among other factors fueling the adoption of slewing bearing in the region.
APAC is characterized by the presence of several developing countries, positive economic outlook, and huge industrial sector, in addition to the largest share of global population. These factors make APAC a major region for the growth of the slewing bearings market. The shutdown of various plants and factories in many countries in APAC has affected the supply chains and negatively impacted the manufacturing processes, delivery schedules, and product and service sales. APAC is a global manufacturing hub with countries such as China, Japan, and South Korea leading the global manufacturing sector. Disruptions in supply chains and manufacturing activities have led to the discontinuation of the production of new slewing bearings, which is hindering the market growth. Meanwhile, the initiation of vaccination drive coupled with the reopening of economies is expected to drive the slewing bearing market and help it register positive growth from the Q1 of 2021.
Market Overview and Dynamics
The slewing bearing market in APAC is expected to grow from US$ 1,556.89 million in 2021 to US$ 2,390.20 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. Increasing mining industry; minerals are the backbone of human civilization as their use has accelerated the development of human society. They are widely used across the industries such as manufacturing, power generation, chemicals and petrochemicals, healthcare and pharmaceuticals, and construction. Currently, copper, coal, iron ore, gold, and aluminum are among the most mined minerals. The aggregate revenue of Top 40 mining companies has grown steadily from 2016 to 2019. In 2020, they witnessed a fall in revenue due to the COVID-19 pandemic. Heavy mining machinery such as excavator, shovels, reclaimers, and stackers are widely used for extraction of mineral at mining sites plays a crucial role, and slewing bearings are among the major component used in this machinery. With growing rate of industrialization and urbanization, the demand for minerals is projected to surge further during the forecast period, thereby propelling the mining activities. Thus, the growth of mining industry is subsequently contributing to the growth of the slewing bearing market.
Key Market Segments
Based on gear type, the market is segmented into external, internal, and ungeared. The internal gear segment held the largest share of APAC slewing bearing market throughout the forecast period. Based on rolling element, the slewing bearing market is segmented into ball and roller. The ball segment held a larger market share throughout the forecast period. Based on application, the slewing bearing market is segmented into wind and solar energy, aerospace & defense, medical, industrial machinery, oil & gas, mining, and others. The industrial machinery segment accounted for a major share of the APAC slewing bearing market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the slewing bearing market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Antex corp., IMO Group, Italcuscinetti S.p.A. a Socio Unico, Liebherr, NTN Corporation, Schaeffler Technologies AG & Co. KG, SKF, thyssenkrupp rothe erde Germany GmbH, and THE TIMKEN COMPANY, among others.
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APAC SLEWING BEARING MARKET SEGMENTATION
By Rolling Element
By Gear Type
By Application
By Country
Company Profiles